Sei sulla pagina 1di 30

PROPOSAL

for the revelopment of


THE HISTORIC SHAW THEATER
for

THE WILD CARROT


event space

presented by

U I C
on behalf of
THE NEWELL POST, LLC

1607 tower grove avenue saint louis, missouri 63110 t 314.771.7300 f 314.771.7303

November 10, 2015


The Community Development Agency and
Land Reutilization Authority of the City of St. Louis
c/o Matthew Sisul
CDA Project Manager
1520 Market Street, Suite 2000
Saint Louis, Missouri 63102
e-mail: sissulm@stlouis-mo.gov
Re:

RFP Response
3901-05 Shaw Boulevard
St. Louis, Missouri 63110
Including 3866-68 and 3900-04 DeTonty

Dear Matthew:
On Behalf of our clients Laura Bunch and Dr. Larry Newell of The Newell Post LLC, we are pleased to present this
response to your Request for Proposals for the historic Shaw Theater building at the intersections of Shaw Boulevard
and 39th Street. The historic rehabilitation described in this proposal calls for the building to be redeveloped into a
6000 square foot event space with a two bedroom apartment above and a 1200 square foot retail suited accessed
from 39th Street. The event space will be operated by co-developers Laura and Casey Bunch, who will also reside
above in the apartment.
We are excited to play a role in this important project that will bring this former theater building back to life in a use
and appearance close to its original function. The following points and exhibits response are in the order requested in
the RFP. Please contact me if you have any question or need additional documents.
Sincerely,

Brent Crittenden
CEO | U I C

Responses:
1) Redevelopment Team
a. Developer:
The Newell Post, LLC
Laura Bunch (50%) and Dr. Larry Newell (50%)
1932 Senate St., Apt A
St Louis MO 63118
*Development consulting by UIC
b. General Contractor:
Urban Improvement Construction, LLC
DBA: UIC Constructors

1607 tower grove avenue saint louis, missouri 63110 t 314.771.7300 f 314.771.7303

2)

3)
4)
5)

1607 Tower Grove Ave, St Louis MO 63110


314-771-7300
www.uicstl.com
c. Architect (Inclusive of Historic Tax Credit Consulting)
Central Design Office, LLC
DBA: UIC Architecture and Urbanism
1607 Tower Grove Ave, St Louis MO 63110
314-771-7300
www.uicstl.com
d. Construction Lender:
TBD
Project Description: The applicant intends to redevelop the property for a residence and event space, as
further described below:
a. Sitework: The applicant would like to acquire both the property at 3901 Shaw and the two City
owned lots located at DeTonty and 39th. The patio area located immediately to the south of the
building and at the corner of Shaw and 39th, will be repaved in concrete and a new low simulated
wrought iron fence and shrub row will be added at the border to the sidewalk. This landscaped
patio will serve as a gathering a pre-event space, or occasional outdoor event space. The vacant
lots on DeTonty will be left primarily as green space, with new concrete parking areas located on
the alley. The property at 3900 DeTonty will be re-landscaped to serve as an outdoor event space
and the property at 3866 DeTonty will be used as a garden to support the functions of the event
space.
b. Building Exterior: The project renovation will follow the Secretary of the Interiors Standards for
Historic Rehabilitation, striving to refurbish the building to match historic photos of the exterior. The
south elevation will have the original masonry openings restored and new painted wood double
hung windows installed on the second floor. The ground floor will include new storefront openings,
and replicas of the previous ticket window, display panels, and awning. The east elevation will
include new full height glazed storefront openings, based on an assumption of the past fenestration
and contingent on consultation with the National Parks Service. The roof will be replaced with a
new TPO membrane and new guttering. The brickwork will be repointed and repainted.
c. Building Interior, General: The building interior will be a gut level renovation, generally seeking to
remove various partitions, framing, and finishes that have been added following the period of
significance for the historic district. All mechanical, electrical, and plumbing services and systems
will be completely replaced and the building will be fully sprinkled.
i. Event Space: The main portion of the ground floor will host an event space, as described in
more detail in Exhibit A. The vision for the space is to reveal as much of the historic fabric
as possible, juxtaposed with new elements, leading to an eclectic look and feel. New
elements include office, bride and groom spaces, bathrooms, event support, and a bar
area.
ii. Retail Suite: A 1200 sf retail suite will be created at the north end of the building, accessed
from 39th Street. This will be constructed as a white-box space and marketed to a
neighborhood retail or office tenant.
iii. Apartment: The 2nd floor apartment will be gutted and rebuilt into a 2 bedroom apartment.
d. Users: The building owner will operate the event space, The Wild Carrot, and reside in the
apartment above. A tenant for the Retail Suite has not been determined.
New Job Impact: The event space will have 2 full time staff members and provide various part time positions
for direct staff of the event staff and for outside caterers, parking staff, and others.
Preliminary Drawings: Please see Exhibit A, which contains preliminary plans and building elevations.
Schedule:

1607 tower grove avenue saint louis, missouri 63110 t 314.771.7300 f 314.771.7303

a. September-October 2015: Project Planning, Financing, and RFP Preparation


b. November-December 2015: Proposal Submission and Negotiation
c. January-March 2016: Tax Credit Application and Review, Construction Documents, Bidding and
Negotiation, Closing on Funding
d. April-October 2016: Construction Work (6 Months)
e. November 2016: Opening for 2016 Holiday Season
6) Financial Statements: The Newell Post, LLC is currently discussing the project with several lenders.
Financial statement may be sent in a secure format as requested.
7) List of Similar Projects Completed by UIC: UIC is a ten year old integrated practice with a strong track
record of completing medium to large scale historic redevelopments that make significant contributions to
their neighborhoods and the City. The following are a sample of relevant redevelopment project by UIC over
the past 3 years.
a. City Garden Montessori Charter School, 1618 Tower Grove
i. Develop, Design, Build Services
ii. 31,000 square feet
iii. $2,700,000
iv. Completed August 2012
b. Olio and Elaia
i. Develop, Design, Build Service
ii. 7000 square feet
iii. $600,000
iv. Completed November 2012
c. Tower Grove Mews Complex, 1605-21 Tower Grove
i. Develop, Design, Build Service
ii. 21,000 square feet
iii. $1,930,000
iv. Complete March 2014
d. The Luminary Center for the Arts, 2700 Cherokee
i. Develop, Design, Build Service
ii. 18,000 square feet
iii. Development, Architecture and Project Management Services provided pro-bono
iv. Completed October 2014
e. Lunar Tool Building/GadellNet Headquarters, 1532 Vandeventer Avenue
i. Develop, Design, Build Service
ii. 11,800 square feet
iii. $1,433,000
iv. Complete January 2015
f. Jefferson Commons, 1600 Jefferson Avenue
i. Design-Build Services
ii. 40,000 square feet
iii. $3,200,000
iv. Completed June 2013
8) Marketing Plans: As noted above, the property will be an owner operated event space, which will seek
bookings starting in November of 2016. The proprietors will begin marketing the property for event users in
the late summer of 2016. More details about marketing are described in Exhibit C.

1607 tower grove avenue saint louis, missouri 63110 t 314.771.7300 f 314.771.7303

9) Financial Structure: The property will be owned by the special purpose entity The Newell Post, LLC, which is
owned by Father and Daughter team Laura Bunch and Dr. Larry Newell, on a 50/50 basis. The operating
entity The Wild Carrot will be the tenant for the event space, and a business plan for this enterprise is
attached as Exhibit B.
10) Development and Construction Budget: See Exhibit C
11) Pro Forma Operating Budget: See Exhibit D
12) Offer for the Property: The Newell Post, LLC offers $10,000 for the property at 3901 Shaw Avenue, with
terms of conveyance to be agreed to with the CDA.

EXHIBIT A - DRAWINGS

site plan

THE WILD CARROT

U I C

THE NEWELL POST, LLC

ground floor plan

THE WILD CARROT

U I C

THE NEWELL POST, LLC

THE WILD CARROT

U I C

THE NEWELL POST, LLC


shaw avenue elevation

39th street elevation

north elevation

EXHIBIT B - BUSINESS PLAN FOR THE WILD CARROT

THE WILD CARROT

U I C

THE NEWELL POST, LLC

BUSINESS PLAN

THE WILD CARROT


Laura + Casey Bunch
St. Louis Missouri
314.300.8387
info@wildcarrot.com
wildcarrotstl.com

TABLE OF CONTENTS
I

Table of Contents

II

Executive Summary

III

General Company Description

IV

Products & Services

Marketing Plan

VI

Operational Plan

VII

Management & Organization

10

VIII

Ownership, Startup Expenses, & Capitalization

11

IX

Financial Plan

12

II EXECUTIVE SUMMARY
The Wild Carrot fills a niche in the St. Louis area for event venues. We are an event space that
focuses on creativity, imagination and flexibility in a non-traditional space. Our clients will
experience a unique approach to wedding ceremonies and receptions through the aesthetic, decor
and management style that is not already available. In addition, the community will benefit from
space availability for a variety of social and corporate functions. Laura and Casey Bunch are onsite, hands on event managers with significant event experience, who focus on the entire event
production from planning to tear down. The Wild Carrot will have a substantial impact on the
future of wedding trends in the St. Louis area.

III GENERAL COMPANY DESCRIPTION

The Wild Carrot will be an event space housing wedding ceremonies, receptions, corporate
events and other social gatherings for the creative St. Louis public.
MISSION STATEMENT
Our mission is to change the norm in event venues in St. Louis through our decor, aesthetic and
overall image. We will always evolve and change to meet or even start wedding trends for our
clients.
GOALS + OBJECTIVES
The majority of event venues in the St. Louis area are lacking in creative design and overall
execution of events. Our goal is to gradually improve and evolve the wedding industry in St.
Louis to match the current national trends. The decor and layout of the Wild Carrot is inspiring
and whimsical, allowing each client to understand the eclectic style it has to offer. We will strive
to provide alternative choices in ceremony and reception styles that will appeal to a broad
spectrum of clients.
STRENGTHS + CORE COMPETENCIES
We have owned and operated Burlap LLC, a wedding video production company, for three and a
half years. This has allowed us to be aware of trends in weddings and events since our clients are
scattered all over the US. In addition, we have 3 years of Event Planning experience managing a
similar styled space in Kansas City. We also have experience in Catering for large weddings and
corporate events where we managed the operational side of the business as well as provided staff
support during the events. In addition, we are a hands-on operation. We personally plan, support
and manage each and every event on site from beginning to end.
LONG TERM
Weddings and events will always be our main focus, but we plan to evolve and meet the needs of
the community and corporate clients over time. We will always be open to changes and creative
ideas that might utilize our space for any number of needs. We pride ourselves on our ability to
keep in the know with wedding and event trends.

IV PRODUCTS & SERVICES


The Wild Carrot will provide a unique venue space for a variety of social and corporate events.
Our main service will be to provide an eclectic managed space for clients to utilize for wedding
ceremonies and receptions. In addition, we will support a variety of event clients including:
corporations, non-for profit organizations, professional associations, retail businesses and other
creative needs.
TYPE OF EVENTS
-

Wedding Ceremonies
Wedding Receptions
Holiday Parties
Bat/Bar Mitzvah
Birthday Parties
Bridal Showers
Anniversary Parties
Engagement Parties
Charity Events
Corporate Meetings
Company Picnics
Sales Meetings
Consumer Shows
Business Conferences
Conventions
Bridal Shows
Festivals
Art Shows
Fundraisers
Political Events
Reunions
Team Building Events
Galas
Open Houses
New Product Launches
Fashion Shows
Tradeshows
Athletic/Fitness Programs
Religious Events

COMPETITIVE ADVANTAGE
We provide indoor and outdoor ceremony options that are unique to the St. Louis market. We
allow flexibility and creativity with floor plans, decor and planning. We are always on-site and
manage every event beginning to end. We are always sensitive to customers needs, both planned
5

and unanticipated. We are passionate about providing a new alternative in wedding and event
planning for the St. Louis metropolitan area.
PRICING STRUCTURE
Our pricing structure is competitive with the similar available venue spaces in the area. We
provide space for wedding ceremonies and receptions Friday-Sunday, mornings, afternoons or
evenings. Pricing will vary depending on the day, time, and duration of event. The following is a
general guideline of our pricing structure.
Friday evening Ceremony
Friday evening Reception
Saturday Ceremony
Saturday Reception
Sunday Ceremony
Sunday Reception
Monday-Thursday Rental

$700
$2500
$1000
$3000
$500
$1500
$1500

Rental for a ceremony includes 1 hour of set up time and 1 hour of event time. Rental for a
reception includes 4 hours of set up time and 4 hour event time. Additional hours of rental time
are allowed to be purchased at $250/hour. Rental for ceremony and reception events include 5
hours of set up time and 5 hours of event time. This pricing includes an event manager on site
from set up to tear down, tables and chairs to seat up to 250 people, 2 hour consultation with the
event manager prior to the event date, a preferred list of vendors for clients to utilize, bride and
groom getting ready room, in house sound system and projector/screen, and lounge furniture.
Our rental and event structure does not include an in-house caterer or bar service. We provide a
list of preferred catering companies that the client may choose from. These caterers meet our
requirements for quality of presentation as well as product, staffing, cleanup, insurance and
reliability. Use of a caterer not on our preferred list incurs a $250 kitchen fee as well as a
required walk through and copy on file of the caterers insurance and business license.

V MARKETING PLAN
Our marketing plan will utilize a variety of media and methods that primarily pertain to the
wedding industry. Our target market is 23-40, living in or around the St. Louis metropolitan area
and interested in a more flexible, unique and progressive style. Our clients value creativity and
are interested in current trends in the wedding and event industry.
COMPETITION + NICHE
Although there is a high volume of event venue spaces in St. Louis, we pride ourselves in
creating a unique environment not currently available. The Wild Carrot experience will be unlike
any option elsewhere in the city. Our rental pricing is competitive with the event venues
currently available.
MEDIA
The Knot Online and Print
Local Wedding Magazines
St Louis Bridal Shows Prior to Opening
Promotional Video Produced by Burlap and Running on the Website
Facebook/Twitter and Instagram Pages
Open House
Flyers Sent to Local Caterers, Florists and Event Planners
Host a Mock Wedding with Photos and Video for Posting
PROMOTIONAL BUDGET
Our promotional budget is outlined in our financial plan.
BUSINESS LOCATION
Our business location is consistent with our creative image and overall aesthetic. We are located
in an active neighborhood in the city limits, accessible and familiar to all, providing what our
clients want and expect.

VI OPERATIONAL PLAN
DAY TO DAY OPERATIONS
Our daily operation varies depending on the events involved. During the week, we give tours of
the space to perspective clients, host events and meetings with booked clients and potential
vendors. We give scheduled tours to potential clients Tuesday nights from 4-8, and Wednesday
and Thursdays from 9am-close. Special tours outside of these time frames can be arranged as
well. Fridays-Sundays we are on site from the set up to tear down for scheduled events.
LEGAL
The Wild Carrot will maintain and have available all documentation regarding licensure, liability
and permits required for a Place of Assembly.
EMPLOYEES
We are staffed primarily by Laura and Casey Bunch, owners and on-site operators. As the
business expands, both full time and part time employees will be required. We envision 1-2 full
time event manager assistants for weekend events as well as a part time maintenance person
during the week. When adding liquor to our event packaging, we will staff bartenders and barbacks.
INVENTORY
Our inventory will include:
- 250 folding chairs
- round and rectangle tables to seat up to 250
- bar height tables
- bar stools
- lounge furniture
- 200 votive candles and holders
Future plans may include decor rentals and bar materials.
PAYMENT POLICIES
A deposit is required to secure the event date on our calendar. This deposit amount is $1000 of
the total amount due. The remaining balance is due 14 days prior to the event date. If an event is
cancelled more than 9 months prior to the booked date, a $250 processing fee will be held and
the remaining $750 from the deposit will be refunded. If an event is cancelled within 9 months of
the booked date, the deposit is completely non-refundable. If a client fails to pay remaining
balance within 14 days of scheduled event, the event will be cancelled and the $1000 deposit will
be forfeited.
8

Any non-wedding event will require total payment of the rental fee at the time the event is
scheduled. If the event is cancelled more than 4 weeks prior to the event, the payment is
refundable, less the $250 processing fee. If the event is cancelled within 4 weeks, 50% is nonrefundable.
There is no charge for a canceled event if rescheduled immediately for a date within 60 days of
the original scheduled date. Only 1 rescheduled date is allowed.

VII MANAGEMENT & ORGANIZATION


Laura Bunch will manage the day to day operations for the Wild Carrot. She will be the on-site
event manager for all events and handle all event related correspondences and related issues. Her
role will also entail all financial operations including payroll, accounts receivable, accounts
payable and general book keeping. Casey Bunch will be the Wild Carrot Assistant Manager and
handle special purpose events and activities. He will be the immediate backup when the event
manager is not available.
PROFESSIONAL + ADVISORY SUPPORT
Attorney, accountant, banker and insurance agents are yet to be determined.

10

VIII OWNERSHIP, STARTUP EXPENSES, & CAPITALIZATION


OWNERSHIP
Laura Bunch will be the sole owner of the Wild Carrot. Funding will involve an 80% mortgage
for the cost of building including buildout with 20% down payment.
STARTUP EXPENSESEstimated $28,500
-

Tables
o 60 round (31)
o 8 ft rectangle (20)
250 Folding Chairs
Lounge Furniture
Bar Height tables
Bar height stools
Votive Holders
Votive candles
Marketing
Insurance
Projector
Speakers
Sound System
Misc

$3000
$2000
$5000
$3000
$1000
$1500
$150
$100
$2000
$1200
$1500
$2000
$5000
$1000

Total Estimated Costs

$28,500

11

IX FINANCIAL PLAN
SEE ATTACHED PROJECTIONS

12

EXHIBIT C - DEVELOPMENT AND CONSTRUCTION BUDGET

THE WILD CARROT

U I C

THE NEWELL POST, LLC

Shaw Theater
Proforma Redevelopment Model
Sources
Mortgage Loan
MO HTC Bridge Loan
Owner Equity

Uses
Acquisition
Rehab Building Costs School
Contingency - Hard Costs (5%)
Soft Costs (See Schedule Below)
Contingency - Soft Cost

63.8%
18.8%
17.4%
100.0%

795,000.00
235,000.00
217,000.00
1,247,000.00

0.8%
81.8%
4.1%
12.4%
0.9%
100.0%

10,000.00
1,020,000.00
51,000.00
155,000.00
11,000.00
1,247,000.00

Soft Cost Schedule


Legal Fees
Tax Credit Audit
NPS Review Fee
Arch/Eng/Tax Credit Consult Fees
Lenders Inspections
Survey/Environmental
Real Estate Taxes
Insurance
Loan Fees / Closing Costs
Accounting Fees
Permit Fees
Interest During Construction

1of6

20,000.00
7,000.00
2,000.00
55,000.00
5,000.00
6,000.00
2,000.00
8,000.00
10,000.00
1,500.00
10,500.00
28,000.00
155,000.00

UIC

11/10/2015

Shaw Theater
Proforma Redevelopment Model
Proforma Stabalized Income and Expenses
Rents
Event Space 6300sf 13.33/sf
Retail Space
Apartment Rental
Gross Potential Rental Income
Pro-Forma Vacancy
Net Pro-Forma Income

6,300
1,400
900

12.00
12.00
1.20

5.00%

Operating Expenses
Real Estate Taxes (w/ abatement)
Maintenance & Repairs
Insurance
Utilities
Administrative Expenses
Tenant Reimbursements
Total Operating Expenses

(1,050.00)
(12,000.00)
(20,000.00)
(24,000.00)
(7,006.44)
50,000.00
(14,056.44)

7.00%

Net Operating Income


Annual Financing Charges
Pre Tax Net Income
Debt Service Coverage Ratio
Monthly Debt Service
Cap Rate Valuation
LTV
Stabilized Return on Investment

2of6

75,600.00
16,800.00
12,960.00
105,360.00
(5,268.00)
100,092.00

86,035.56
4.50%

20

8.50%

UIC

60,354.75
25,680.81
1.43
5,029.56
1,012,183.06
79%
12%

11/10/2015

ShawTheatre
HardCostEstimate
UNITPRICES
Subcontract
Material
Equipment
01GENERALREQUIREMENTSSUBGROUP
013100
ProjectMgmt&Coord
ProjectManager(70%)
SiteSuperintendent(70%)
015100
TemporaryUtilities
TemporaryElectricServiceCharges
FireExtinguishers
TemporaryHeatExcluded
TemporaryConstructionLighting
015400
ConstructionAids
SiteToilets
015600
TemporaryBarriersandEnclosures
ConstructionFencing
Boarding
015800
ProjectIdentification
SafetySignage
ProjectSignage
017400
CleaningandWasteManagement
SiteMaintenanceGeneralLabor
Dumpsters
FinalCleaning
02EXISTINGCONDITIONS
022100
Surveys
LeadandAsbestos
024100
Demolition
SelectiveDemo
028200
AsbestosRemediation
AsbestosAbtementAllowance
028300
LeadRemediation
LeadRemediationAllowance
03CONCRETE
030100
MaintenanceofConcrete
ScrubbingandSealing
033000
CastInPlaceConcrete
Patching
PatioPartial
038000
Conc.Cutting&Boring
CuttingandDemo
04MASONRY
042000
UnitMasonry
UnitMasonry
NewOpenings
05METALS
051200
StructuralSteelFraming
MiscSteelFramingAllowance
055200
MetalRailings
Pipe&TubeMetalRails
06WOODSPLASTICSANDCOMPOSITES
061100
WoodFraming
Roughframing&blocking
FramingMaterial
ExteriorWindowandDoorInstall
062000
FinishCarpentry
TrimCarpentryRetail
TrimCarpentryApartment
062200
GeneralMillworkSupply
ExteriorBrickmold
07THERMALANDMOISTUREPROTECTION
072100
ThermalInsulation
Insulation
075000
MembraneRoofing
TPORoofReplacement
077123
Manu.Gutters&Downspouts
NewGuttersandDownspouts
078400
Firestopping
Firestopping
08OPENINGS
081100
MetalDoorsandFrames
HMInterior
081400
WoodDoors
ResidentialDoors
084100
EntrancesandStorefronts
AlumStorefrontSystems
085200
WoodWindows
HistoricWindows
087000
Hardware
HardwareAllowance
088300
Mirrors
Mirrors
09FINISHES
092100
PlasterandGypsumBoardAssemblies
DrywallhangingandtapingComm.
DrywallhangingandtapingApt.
093100
ThinsetTiling
WallTile

3of6

6 MO
6 MO

$4,375.00
$3,640.00

1
6
0
1

LS
EA
MO
LS

$3,400.00
$100.00
$1,500.00
$2,500.00

6 MO

$100.00

1 LS
1 LS

$2,500.00

1 LS
1 LS

$250.00
$250.00

$1,000.00

$2,000.00

$35.00

Subcontract

SUBTOTALS
Material

Equipment

$48,090.00
$26,250.00
$21,840.00
$6,500.00
$3,400.00
$600.00
$0.00
$2,500.00
$600.00
$600.00
$2,500.00
$2,500.00
$0.00
$500.00
$250.00
$250.00
$6,975.00
$0.00
$5,200.00
$1,775.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$1,000.00
$0.00
$1,000.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$2,000.00
$0.00
$2,000.00
$0.00
$0.00
$0.00
$24,500.00
$24,500.00
$0.00
$0.00

$48,090.00
$26,250.00
$21,840.00
$6,500.00
$3,400.00
$600.00
$0.00
$2,500.00
$600.00
$600.00
$5,500.00
$2,500.00
$3,000.00
$500.00
$250.00
$250.00
$31,475.00
$24,500.00
$5,200.00
$1,775.00

$48,090.00

$2,000.00
$2,000.00
$39,937.50
$39,937.50
$8,875.00
$8,875.00
$4,437.50
$4,437.50

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$2,000.00
$2,000.00
$39,937.50
$39,937.50
$8,875.00
$8,875.00
$4,437.50
$4,437.50

$2,000.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$14,000.00
$14,000.00
$9,000.00
$3,000.00
$6,000.00
$2,500.00
$2,500.00

$14,000.00

$6,500.00

$600.00
$5,500.00

$500.00

$31,475.00

700 HR
13 EA
8875 LS

$400.00
$0.20

1 EA

$2,000.00

8875 SF

$4.50

8875 sf

$1.00

8875 sf

$0.50

7000 SF

$2.00

750 SF
1500 SF

$4.00
$4.00

1 LS

$2,500.00

$14,000.00
$14,000.00
$9,000.00
$3,000.00
$6,000.00
$2,500.00
$2,500.00

$50,000.00
$2,500.00

$70,000.00
$50,000.00
$20,000.00

$0.00
$0.00
$0.00

$0.00
$0.00
$0.00

$70,000.00
$50,000.00
$20,000.00

$70,000.00

1 LS
8 EA

$3,000.00

1 LS

$1,000.00

$3,000.00
$3,000.00
$1,000.00
$1,000.00

$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00

$3,000.00
$3,000.00
$1,000.00
$1,000.00

$3,000.00

1 EA

$15,000.00

7500 SF
1375 SF

$2.00
$5.00

$19,200.00
$15,000.00
$0.00
$4,200.00
$21,875.00
$15,000.00
$6,875.00
$0.00
$0.00

$11,050.00
$0.00
$10,000.00
$1,050.00
$17,750.00
$15,000.00
$2,750.00
$1,500.00
$1,500.00

$4,200.00
$0.00
$0.00
$4,200.00
$0.00
$0.00
$0.00
$0.00
$0.00

$34,450.00
$15,000.00
$10,000.00
$9,450.00
$39,625.00
$30,000.00
$9,625.00
$1,500.00
$1,500.00

$34,450.00

1 LS
1 LS
14 EA

$0.00
$0.00
$56,700.00
$56,700.00
$9,000.00
$9,000.00
$0.00
$0.00

$6,656.25
$6,656.25
$0.00
$0.00
$0.00
$0.00
$1,500.00
$1,500.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$6,656.25
$6,656.25
$56,700.00
$56,700.00
$9,000.00
$9,000.00
$1,500.00
$1,500.00

$2,000.00
$2,000.00
$1,500.00
$1,500.00
$55,000.00
$55,000.00
$5,600.00
$5,600.00
$800.00
$800.00
$240.00
$240.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$2,000.00
$2,000.00
$1,500.00
$1,500.00
$55,000.00
$55,000.00
$5,600.00
$5,600.00
$800.00
$800.00
$240.00
$240.00

$27,093.75
$19,187.50
$7,906.25
$4,550.00
$4,550.00

$0.00
$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00
$0.00

$27,093.75
$19,187.50
$7,906.25
$4,550.00
$4,550.00

$10,000.00
$75.00
$2.00
$2.00

1 LS

$1,500.00

8875 LS

$0.75

90 SQ

$630.00

450 LF

$20.00

1A

$1,500.00

1 LS

$2,000.00

1 LS

$1,500.00

1000 SF

$55.00

14 EA

$400.00

1 LS

$800.00

1 LS

$240.00

7675 SF
1375 SF

$2.50
$5.75

1 LS

$4,550.00

UIC

$300.00

$39,937.50
$8,875.00
$4,437.50

$9,000.00

$2,500.00

$1,000.00

$39,625.00

$1,500.00

$6,656.25
$56,700.00
$9,000.00
$1,500.00

$2,000.00
$1,500.00
$55,000.00
$5,600.00
$800.00
$240.00

$27,093.75

$4,550.00

11/10/2015

ShawTheatre
HardCostEstimate
UNITPRICES
Subcontract
Material
Equipment
096400
096800

098000
099100

WoodFlooring
WoodFloortoApartment
Carpeting
CarpetApartment
VinylCoveBaseAllow
AcousticTreatment
NIC
Painting
Painting

10SPECIALTIES
101400
Signage
Awning
102100
CompartmentsandCubicles
ToiletCompartments
102800
Toilet,BathandLaundryAccessories
BathAccessories
104400
FireProtectionSpecialties
FE
105500
PostalSpecialties
Mailboxes
105700
WardrobeandClosetSpecialties
WireShelving
11EQUIPMENT
113100
ResidentialAppliances
GE18CUEnergyStarFridge
GE30FSElectricCoilRange
RangeCord
GESpacemaker1.4CFCapMicrowave
GEEnergyStarDishwasher
WhiteElectricWasher/DryerCombo
7.45%Tax
12FURNISHINGS
122100
WindowBlinds
WindowBlinds
123000
Casework
CabinetAllowance
123600
Countertops
ApartmentKitchenTops
VanityTops
129300
SiteFurnishings
BikeRack
21FIRESUPPRESSION
211000
WaterBasedFireSuppression
SprinklerSystem
22PLUMBING
221000
Plumbing
Apartment
Commercial
223300
ElectricDom.WHeaters
ApartmentHWH
223400
FuelFiredDom.WHeaters
CommercialHWHs
224100
ResidentialPlumFixture
ApartmentFixtureSupply
224200
Comm.PlumbingFixtures
CommercialFixtureSupply
23HEATINGVENTILATIONANDAIRCONDITIONING
233000
HVACAirDistribution
Commercial
Apartment
26ELECTRICAL
260000
Electrical
Commercial
Apartment
265100
InteriorLighting
Commercial
Apartment
265600
ExteriorLighting
ExteriorLighting
27COMMUNICATIONS
274000
AudioVideoCommunications
A/VRoughInAllowance
28ELECTRONICSAFETYANDSECURITY
281300
ElectronicAccessControl
NIC
281600
IntrusionDetection
AlarmSystems
283100
FireDetection&Alarm
FireAlarm
31EARTHWORK
311100
ClearingandGrubbing
NIC
312200
Grading
NIC
32EXTERIORIMPROVEMENTS

4of6

500 SF

$7.00

500 SF
1A

$7.00
$6,500.00

0 SF

$3.85

8875 SF

$4.50

1A

$18,000.00

1 LS

$3,000.00

1 LS

$2,200.00

1 LS

$1,500.00

1A

$200.00

1 LS

$300.00

1
1
1
1
1
1
1

$590.00
$448.00
$10.00
$191.00
$265.00
$904.00
$179.40

Subcontract
$3,500.00
$3,500.00
$6,500.00
$3,500.00
$6,500.00
$0.00
$0.00
$39,937.50
$39,937.50

SUBTOTALS
Material
Equipment
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$3,500.00
$3,500.00
$10,000.00
$3,500.00
$6,500.00
$0.00
$0.00
$39,937.50
$39,937.50

$3,500.00
$10,000.00

$0.00
$39,937.50

$18,000.00
$18,000.00
$3,000.00
$3,000.00
$2,200.00
$2,200.00
$1,500.00
$1,500.00
$200.00
$200.00
$300.00
$300.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$18,000.00
$18,000.00
$3,000.00
$3,000.00
$2,200.00
$2,200.00
$1,500.00
$1,500.00
$200.00
$200.00
$300.00
$300.00

$18,000.00

$2,587.40
$590.00
$448.00
$10.00
$191.00
$265.00
$904.00
$179.40

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$2,587.40
$590.00
$448.00
$10.00
$191.00
$265.00
$904.00
$179.40

$5,174.79
$1,180.00
$896.00
$20.00
$382.00
$530.00
$1,808.00
$358.79

$5,174.79

$980.00
$980.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$560.00
$560.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$1,540.00
$1,540.00
$2,000.00
$2,000.00
$1,100.00
$700.00
$400.00
$650.00
$650.00

$1,540.00

$3,000.00
$2,200.00
$1,500.00
$200.00
$300.00

1 EA

$2,000.00

1 EA
1 EA

$700.00
$400.00

1 LS

$650.00

$0.00
$0.00
$2,000.00
$2,000.00
$1,100.00
$700.00
$400.00
$650.00
$650.00

$8.00

$71,000.00
$71,000.00

$0.00
$0.00

$0.00
$0.00

$71,000.00
$71,000.00

$71,000.00

8875 SF

$6,000.00
$30,000.00

1 EA

$400.00

$36,000.00
$6,000.00
$30,000.00
$400.00
$400.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00
$0.00
$2,000.00
$2,000.00
$1,250.00
$1,250.00
$6,450.00
$6,450.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$36,000.00
$6,000.00
$30,000.00
$400.00
$400.00
$2,000.00
$2,000.00
$1,250.00
$1,250.00
$6,450.00
$6,450.00

$36,000.00

1 LS
1 LS

$82,000.00
$75,000.00
$7,000.00

$0.00
$0.00
$0.00

$0.00
$0.00
$0.00

$82,000.00
$75,000.00
$7,000.00

$82,000.00

$59,100.00
$52,500.00
$6,600.00
$0.00
$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$7,000.00
$6,000.00
$1,000.00
$4,000.00
$4,000.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$59,100.00
$52,500.00
$6,600.00
$7,000.00
$6,000.00
$1,000.00
$4,000.00
$4,000.00

$59,100.00

$2,500.00
$2,500.00

$0.00
$0.00

$0.00
$0.00

$2,500.00
$2,500.00

$2,500.00

$0.00
$0.00
$2,500.00
$2,500.00
$10,500.00
$10,500.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$2,500.00
$2,500.00
$10,500.00
$10,500.00

$0.00

$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00

14 EA

$70.00

2 LS

$1,000.00

1 LS

$1,250.00

1 LS

$6,450.00

7500 SF
1 LS

$10.00
$7,000.00

7500 SF
1200 SF

$7.00
$5.50

1 LS
1 LS

$6,000.00
$1,000.00

1 LS

$4,000.00

1 LS

$2,500.00

2 EA

$1,250.00

1 LS

$10,500.00

0 LS
0 LS

UIC

$40.00

$2,000.00
$1,100.00

$650.00

$400.00
$2,000.00
$1,250.00
$6,450.00

$7,000.00

$4,000.00

$2,500.00
$10,500.00

$0.00
$0.00

11/10/2015

ShawTheatre
HardCostEstimate
UNITPRICES
Subcontract
Material
Equipment
321200
311700
323100
329200
329300
33UTILITIES
331100
333100
337100

FlexiblePaving
NIC
PavingSpecialties
NIC
Fences&Gates
RooftopEnclosuresandFrontPatio
TurfandGrasses
NIC
Plants
MiscPlantingAllowance
WaterDist.Piping
WaterConnection
SanitarySeweragePiping
SanitarySewerConnection
ElectricUtilityTrans.&Dist
InElectricSubcontract

0 SF
0 LS
1 LS

$12,000.00

0 LS
1 LS

$10,000.00

1 LS

$7,000.00

1 LS

$10,000.00

$7,000.00
$7,000.00
$10,000.00
$10,000.00
$0.00
$0.00

0 LS

Subtotal
GCFee
GCContingency
Total

5of6

Subcontract
$0.00
$0.00
$0.00
$0.00
$12,000.00
$12,000.00
$0.00
$0.00
$10,000.00
$10,000.00

SUBTOTALS
Material
Equipment
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00
$12,000.00
$12,000.00
$0.00
$0.00
$10,000.00
$10,000.00
$7,000.00
$7,000.00
$10,000.00
$10,000.00
$0.00
$0.00

7.5%
5%

UIC

$0.00
$0.00
$12,000.00
$0.00
$10,000.00

$7,000.00
$10,000.00
$0.00

$906,432.29
$67,982.42
$45,321.61
$1,019,736.33

11/10/2015

Shaw Theater
Tax Credit Calculator
Project QRE Calculator

Acquisition
Rehab Building Costs School
Contingency - Hard Costs (5%)
Soft Costs (See Schedule Below)
Contingency - Soft Cost

Cost

State QRE

Fed QRE

10,000.00
1,020,000.00
51,000.00
155,000.00
11,000.00
1,247,000.00

0.00
897,600.00
35,700.00
114,925.00
5,500.00
1,053,725.00

0.00
897,600.00
35,700.00
117,425.00
5,500.00
1,056,225.00

18,000.00
7,000.00
0.00
46,750.00
2,500.00
0.00
0.00
6,400.00
5,000.00
750.00
8,925.00
19,600.00
114,925.00

18,000.00
7,000.00
0.00
46,750.00
5,000.00
0.00
0.00
6,400.00
5,000.00
750.00
8,925.00
19,600.00
117,425.00

Soft Cost QRE Schedule


Legal Fees
Tax Credit Audit
NPS Review Fee
Arch/Eng/Tax Credit Consult Fees
Lenders Inspections
Survey/Environmental
Real Estate Taxes
Insurance
Loan Fees / Closing Costs
Accounting Fees
Permit Fees
Interest During Construction

20,000.00
7,000.00
2,000.00
55,000.00
5,000.00
6,000.00
2,000.00
8,000.00
10,000.00
1,500.00
10,500.00
28,000.00
155,000.00
HTC Calculators

StateHistoricTaxCredits
EstimatedHistoricTaxCredits
Equity
StateIssuanceFee
NetStateHTCEquity
FederalHistoricTaxCredits
EstimatedHistoricTaxCredits
Value*
Equity

25.00% rate
$0.92 price
2.50%

$263,431.25
$242,356.75
($6,058.92)
$236,297.83

20.00% rate
$0.00 price
99.00% perc.owner.

$211,245.00
$0.00
$0.00

* Federal HTC Allocated to Owner

6of6

UIC

11/10/2015

EXHIBIT D - 15 YEAR OPERATING BUDGET

THE WILD CARROT

U I C

THE NEWELL POST, LLC

11/10/2015

DevelopmentUses
Acquisition
RehabBuildingCostsSchool
ContingencyHardCosts(5%)
SoftCost,perSchedule
ContingencySoftCost
RepaymentofBridgeLoan
MortgagePayments
RentalExpenses
RealEstateTaxes(w/abatement)
Maintenance&Repairs
Insurance
Utilities
AdministrativeExpenses
TenantReimbursements
MortgagePayments
MemberDistributions
EndingCashBalance
TotalUses

CapitalSources
MortgageLoan
StateBridgeLoan
OwnerEquity
MOHTCProceeds
SaleofAsset
RentalIncome
EventSpace
Apartment
RetailSuite
Vacancy
BeginningCashBalance
TotalSources

20,000.00
1,267,000.00

10,000.00
1,020,000.00
51,000.00
155,000.00
11,000.00

20,000.00
1,267,000.00

1,050.00
12,000.00
20,000.00
24,000.00
7,006.44
(50,000.00)
60,354.75
10,000.00
35,680.81
355,092.00

235,000.00

75,600.00
16,800.00
12,960.00
(5,268.00)
20,000.00
355,092.00

235,000.00

2017

2016

795,000.00
235,000.00
217,000.00

Pro Forma S&U - 15 Years - Shaw Theater

1,050.00
12,180.00
20,300.00
24,360.00
7,111.54
(50,750.00)
60,354.75
18,500.00
42,666.52
135,772.81

75,600.00
16,800.00
12,960.00
(5,268.00)
35,680.81
135,772.81

2018

1,050.00
12,362.70
20,604.50
24,725.40
7,218.21
(51,511.25)
60,354.75
30,000.00
39,455.59
144,259.90

76,734.00
17,052.00
13,154.40
(5,347.02)
42,666.52
144,259.90

2019

1,050.00
12,548.14
20,913.57
25,096.28
7,326.48
(52,283.92)
60,354.75
30,000.00
37,567.57
142,572.87

77,885.01
17,307.78
13,351.72
(5,427.23)
39,455.59
142,572.87

2020

1,050.00
12,736.36
21,227.27
25,472.73
7,436.38
(53,068.18)
60,354.75
30,000.00
37,022.30
142,231.61

79,053.29
17,567.40
13,551.99
(5,508.63)
37,567.57
142,231.61

2021

1,050.00
12,927.41
21,545.68
25,854.82
7,547.93
(53,864.20)
60,354.75
30,000.00
37,839.92
143,256.30

80,239.08
17,830.91
13,755.27
(5,591.26)
37,022.30
143,256.30

2022

UIC

1,050.00
13,121.32
21,868.87
26,242.64
7,661.14
(54,672.16)
60,354.75
30,000.00
40,040.87
145,667.43

81,442.67
18,098.37
13,961.60
(5,675.13)
37,839.92
145,667.43

2023

1,050.00
13,318.14
22,196.90
26,636.28
7,776.06
(55,492.25)
60,354.75
30,000.00
43,645.92
149,485.80

82,664.31
18,369.85
14,171.02
(5,760.26)
40,040.87
149,485.80

2024

1,050.00
13,517.91
22,529.85
27,035.82
7,892.70
(56,324.63)
60,354.75
35,000.00
43,676.10
154,732.51

83,904.28
18,645.39
14,383.59
(5,846.66)
43,645.92
154,732.51

10

2025

1,050.00
13,720.68
22,867.80
27,441.36
8,011.09
(57,169.50)
60,354.75
35,000.00
45,152.82
156,429.00

85,162.84
18,925.08
14,599.34
(5,934.36)
43,676.10
156,429.00

11

2026

1,050.00
13,926.49
23,210.82
27,852.98
8,131.26
(58,027.04)
60,354.75
40,000.00
43,097.75
159,597.01

86,440.28
19,208.95
14,818.33
(6,023.38)
45,152.82
159,597.01

12

2027

1,050.00
14,135.39
23,558.98
28,270.77
8,253.23
(58,897.45)
60,354.75
40,000.00
42,532.93
159,258.60

87,736.89
19,497.09
15,040.61
(6,113.73)
43,097.75
159,258.60

13

2028

1,050.00
14,347.42
23,912.36
28,694.84
8,377.03
(59,780.91)
60,354.75
40,000.00
43,480.71
160,436.19

89,052.94
19,789.54
15,266.22
(6,205.44)
42,532.93
160,436.19

14

2029

1,050.00
14,562.63
24,271.05
29,125.26
8,502.68
(60,677.62)
60,354.75
40,000.00
45,963.77
163,152.52

90,388.73
20,086.39
15,495.21
(6,298.52)
43,480.71
163,152.52

15

2030

page1of1

6,300.00
74,754.61
124,591.02
149,509.22
43,646.97
(311,477.55)
362,128.50
148,500.00

0.00
10,000.00
1,020,000.00
51,000.00
155,000.00
11,000.00
235,000.00
0.00

465,111.38
103,358.08
79,733.38

795,000.00
235,000.00
217,000.00
235,000.00
0.00

Total